The article presents the author's reply to researcher L.S. Revsine's rejoinder on the article "Expectations and Achievements in Income Theory." The author feels that Revsine's comments on the article are based upon a series of misconceptions and unsupported assertions. The author's article was primarily concerned with relationships between ex ante and ex post measures of periodic income and asset values and why both sets of concepts are required. It concluded that the case for current cost accounting cannot be made to rest on the hypothesis that current market prices of assets are reliable indications of the present values of those assets, except under tight conditions; rather, the justification for current cost accounting depends upon a set of other factors. The rejoinder does not challenge successfully the validity of any of the author's analysis. In his rejoinder, Revsine first asserted that the author stated that previous authors have ignored the excess of present values over current market prices of assets for all nonmarginal asset purchases.

Reviews the book "Accounting Education: An Innovative Approach," by Sunion Theodore Hong.

Statistical analysis of commodity futures prices and, indeed, of speculative prices in general has largely been carried out on the assumption that prices or first differences of prices are covariance stationary. Examples of this abound in the literature, the best known probably being parametric tests of the random walk hypothesis (see, for example, Stevenson and Bear, 1970) and studies of individual behaviour in futures markets (see, for example, Telser, 1967). This assumption of stationarity implies, of course, that the possibility of non-constant variance of the process generating prices is not admitted. On the surface this may not appear to be a severe constraint, but Samuelson (1965) has proposed a model of futures price formation in which prices become increasingly volatile as the expiry date of the contract draws nearer. On the other hand, little empirical evidence is available to enable judgment to be made on the plausibility of the assumption of constant variance. The purpose of this note is to suggest that, in Samuelson's model, a law of increasing price volatility may not generally hold. This proposition is examined in section II. In section III some of the difficulties associated with the testing of hypotheses about price variability are discussed and in section IV evidence is presented from several futures markets.

The article focuses on acceptance sampling plans for auditing. The interest in statistical sampling among accountants has become more pronounced and has broadened from problems of acceptance sampling to include techniques of statistical estimation. The paper contains a brief review of concepts, design and construction of both single sampling plans (SSP) and sequential sampling plans and presents a new cost optimization model with illustrative results for selection of the least-cost sampling plan. Throughout the paper, authors assume that the population is large relative to the sample size. Acceptance sampling consists of drawing samples or groups of samples from a population, examining these for properties of interest and finally, reaching some decision based upon the sample results. Elements of an acceptance-sampling plan are the method of sampling, the sample sizes and the appropriate decision rules for reaching some decision. The simplest acceptance sampling plan, an SSP, consists of the selection of a random sample of N items; the determination of the number of errors or defectives; and comparison of this quantity, with a previously determined acceptance number, or rejection number.